Perdido 03

Perdido 03

Sunday, September 5, 2010

Cuomo Calls For Sacrifice From Unions, Not From Hedge Funds

Happy Labor Day Weekend, union members - it's time for pay cuts and concessions says Little Andy Cuomo:

Andrew Cuomo called on the public employee unions on Saturday to help save the state like their predecessors did during the city's 1970s fiscal crisis.

Cuomo chose Labor Day weekend to tell the Daily News that the union leadership needs the same "spirit of cooperation" displayed in the '70s, one where short-term sacrifice provides long-term security not just for the state but also their members.

While crediting then Gov. Hugh Carey and the Legislature's role in saving the city, Cuomo said the unions played a crucial part by voluntarily agreeing to concessions and investing in city bonds with their pension funds in order to help with the bailout.

"The labor community and labor leaders really led," he said. "Labor leaders next year are going to have to step forward the way they did in the past, take a long view, and work with the state in the true spirit of public service."

Wait a minute - the state ISN'T facing the same crisis as it was in the 70's, taxes are lower than they were in the 70's and yet Little Andy Cuomo is going to cut wages, benefits and pensions of state workers and push layoffs and furloughs to add more money to the state coffers.

What about asking you hedge fund manager buddies to pay actual taxes, Little Andy?

Oh, right - you're on their payroll.

You took $100,000 from John Paulson, the key figure in the Goldman Sachs fraud case.

The hedge fund that manages your personal and campaign cash - EnTrust Capital Inc., - was linked to the NY State pension/illegal kickbacks scandal.

And of course the NY Times reported that your hedge fund pals gave you a suitcase full of cash for your support on "education reform" and charter schools earlier this year.

You are WAY TOO COZY with the hedge fund industry.

In fact, back in 2006 the NY Times reported you were one of the few politicians willing to place your campaign cash into hedge funds in order to maximize your returns.

Newsbusters noted the relationship with concern:

Mr. Cuomo’s experience is a rarity in an arena where most campaigns, focused on their short-term needs, keep their money in conservative vehicles like savings accounts.

Investing campaign money in hedge funds also presents special concerns, government watchdogs say, because of their unregulated nature. Given the secrecy of such funds, who can say, they ask, whether a high return reflects a smart bet or simply a campaign supporter’s efforts to evade contribution limits by padding the return of a favored campaign account.

"There’s no way to know what’s going on with a hedge fund," said Fred Wertheimer, president of Democracy 21, a Washington-based nonpartisan group that works to reduce the influence of money in politics. "The candidate knows, and the hedge fund manager knows, but the public doesn’t."

In Mr. Cuomo’s case, one of the hedge fund’s three founders, his wife and officers of the fund — known as EnTrust Capital Partners L.P. — have donated nearly $175,000 to the last two Cuomo campaigns.

Given your coziness with the hedge fund industry, one wonders just what guarantees they gave you.

Might one have been "Keep taxes and rates and regulations for hedge funds where they are and we will bankroll your campaigns for governor and maybe even president"?

Might another have been "Bust the state unions and teachers unions for us and we'll continue to let you roll around in our cash"?

Judging by how he has taken on unions and teachers already but said nary a word about the crooks on Wall Street or at the hedge funds, I bet I am right on this.

Even if the words weren't said explicitly, the intentions were made pretty explicit themselves.

Screw working people, keep the punch bowl going for the Masters.


  1. Cuomo has called for a state constitutional convention for the purpose of eliminating the pension protections that exist there. The man is shameless.

    Vote Green Party!

  2. I just sent Andy's campaign an e-mail telling them why I'm not going to vote for him. Hope a few others do the same. I checked out the Green Party web site--they may very well get my vote.